Old vs New Regime | Which is better? Tax Saving Options | Income Tax Planning Guide 2024

Income taxation in India has become complex with the introduction of the Old Regime vs New Regime. Individuals often struggle to determine the better option for tax payments. This is the season for proof submissions, and delaying action can result in significant tax payments in February or March. To avoid this, individuals earning 5L or more should refer to the table shown for regime comparison based on yearly salary and deductions.
Salaried individuals can change their regime while filing the Income Tax Return (ITR) if they become eligible for additional deductions or exemptions during the year.
Deductions play a crucial role, covering areas like home loans, investments, donations, and company reimbursements. The provided chart illustrates various deductions under the Old Tax Regime for a hypothetical annual income of 10L.
Exemptions and deductions differ; exemptions mean a portion of income is entirely tax-free, while deductions reduce taxable income. The first level of exemption is the EPF (Employer's Contribution), accounting for 12% of the basic pay. Deductions include standard deduction, home loan interest, and various investment options under sections 80C, 80D, 80E, etc.
When considering investments, emphasize term insurance over high-premium policies. Term insurance offers substantial coverage with minimal premiums. Ensure insurance choices align with your family's needs. Use reputable platforms like Policybazaar to compare and choose the right policy for tax deductions.
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Avoid common mistakes like obtaining a house loan solely for tax benefits, making meaningless investments for tax saving, or opting for ULIP plans. Utilize joint housing loans for maximum benefits, validate HRA proofs, and avoid fake proofs. Strive for maximum deductions, but prioritize investments aligned with broader financial goals.
Lastly, be cautious about common mistakes in tax-saving efforts. Saving taxes should be incidental, not the primary driver of investment decisions. Prioritize investments aligned with financial goals, as chasing short-term tax breaks may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.
Content taken from • 2024 Income Tax Saving...
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Пікірлер: 271

  • @finance.boosan
    @finance.boosan6 ай бұрын

    Buy Term Plan & Get Online Discount Upto 10%👉 tinyurl.com/3kpudxza Buy Health Insurance and Get up to 25% Discount 👉 tinyurl.com/2v2d6es9 Content courtesy from Asset Yogi.

  • @kowsalya1291

    @kowsalya1291

    6 ай бұрын

    I am a beginner in investment. I saw ur videos investing in Nift 50. While investing. In Coin app In the subject line it mentions "Index find /Etfs" Should I invest in that.. Plz suggest What does that mean plz

  • @12thor21

    @12thor21

    6 ай бұрын

    Bro sip la epdi month on month amount change panrathu bro please say (angelone)

  • @12thor21

    @12thor21

    6 ай бұрын

    If I cancel sip where the money goes

  • @vishals4106

    @vishals4106

    5 ай бұрын

    Hi bro UTI Nifty 500 value 50 index fund is performing better than UTI Nifty 50 index fund. Do I switch into a Nifty 500 value 50 fund?

  • @selvamm1234

    @selvamm1234

    3 ай бұрын

    What is the difference between term insurance and health insurance

  • @rajaram-rz6sx
    @rajaram-rz6sxКүн бұрын

    Super ah explain panniga bro ... I finally understood how taxing is working which schools are failed to teach us.

  • @wisdomfactsinfo
    @wisdomfactsinfo3 ай бұрын

    Thanks Anna , romba usefula irundhuchu ❤

  • @dayal4256
    @dayal42566 ай бұрын

    Very useful and explained in layman terms...thanks bro...we are expecting more videos like this from you..🎉

  • @vaithees2011
    @vaithees20113 күн бұрын

    I SAW MANY VIDEOS but Nobody has explained like this in detail. Thanks for your details. You are putting lot of efforts for your Every video

  • @ramprasad24_
    @ramprasad24_6 ай бұрын

    Much accurate and clearcut points on every single video. As a 21yr old boy seeing his video has already made a terrric change in my investment jouney. Already feeling immense pleasure to this guy and to his work. Your so good sir and thank you ♥️✨

  • @saranr5906

    @saranr5906

    15 күн бұрын

    Hii can we get in touch i am also a 21 yr old guy intrested in investments and finance it would help both

  • @samprabhu06
    @samprabhu066 ай бұрын

    Hi bro, Very clear video👍.. Could you please explain below things, 1) In standard deduction of Rs.50,000 (simply we can reduce Rs.50,000 from salary..? ) 2) Where should mention the interest income which we receive from bank F.D (1 or 2 years F.D) 3) Where should we mention interest income receive from property 4) Where should we mention STCG or LTCG .? Please explain where should we mention above things in your excel sheet. Mainly this STCG,LTCG is very confusing and don't knwo where to het that statement and also what to do with that

  • @surya445
    @surya4456 ай бұрын

    Very informative. Thanks for the clear cut video

  • @vaishnaveesivakumar9769
    @vaishnaveesivakumar97696 ай бұрын

    Thank you for your valuable content .

  • @SenthilKumar-on4qw
    @SenthilKumar-on4qw6 ай бұрын

    Very useful and needed video bro..thanks a lot ☺️

  • @anandb9279
    @anandb92796 ай бұрын

    Excellent calculation and video...

  • @mohanasundhra
    @mohanasundhra6 ай бұрын

    Thanks for the Useful Information Anna...❤

  • @endrumenedhu9153
    @endrumenedhu9153Ай бұрын

    I always like the way you deliver the content..great and helpful..much appreciated

  • @selvaprakash20
    @selvaprakash206 ай бұрын

    Hi, if you dont mind could u pls share what video making tools (camera, sotware, microphones etc) you use to create your videos? Thanks

  • @praveenkumarg5074
    @praveenkumarg50746 ай бұрын

    Your videos are very useful bro thank you ❤

  • @sitharamm4687
    @sitharamm46876 ай бұрын

    Thankyou for detailed information

  • @user-mu5ph6ew9t
    @user-mu5ph6ew9t6 ай бұрын

    Welcome back from long time

  • @ItsMeRamKumar1
    @ItsMeRamKumar15 күн бұрын

    It's very clearly explained brother. Thanks a lot 😊

  • @subbarayalumohandoss1545
    @subbarayalumohandoss15455 ай бұрын

    Bank FD ஐந்து ஆண்டுகள் போடுவதற்கு பதில், NSC V111 issue வில் முதலீடு செய்யலாம் . அதில் வட்டி அதிகம். மேலும் Accrued int ஐ 80C ல் காண்பிக்கலாம்.

  • @1974_me
    @1974_me4 ай бұрын

    Thankyou sir

  • @FriendswithFoods
    @FriendswithFoods6 ай бұрын

    super clear 👍

  • @pughazhbabu1317
    @pughazhbabu13173 күн бұрын

    Very useful. Thanks

  • @abcdabcd8605
    @abcdabcd86055 ай бұрын

    very useful video!

  • @arun4846
    @arun48464 ай бұрын

    Thanks bro ❤❤❤

  • @antonyraj1226
    @antonyraj12266 ай бұрын

    Super super bro, very useful talk

  • @manojkumar_sm
    @manojkumar_sm6 ай бұрын

    Bro , please explain Fund of Fund ( FoF) , i saw few nasdaq 100 funds which is better to invest via FOF or direct investment in US Stocks.

  • @skeerthi1
    @skeerthi16 ай бұрын

    As iam cg employee, my pension amount will accumulate under nps.There is option to change the pfm, but how to select the best pfm in this.if possible kindly make video for nps cg holder.nps tier 1 have 3 pfm lic,sbi &uti .but uti is performing low continuously . If i change the pfm , how will it perform

  • @jagadeeshraj8133
    @jagadeeshraj81336 ай бұрын

    Great thank you... Excellent knowledge sharing. Kindly post the video, how to file the ITR and get the refund.

  • @premanand3810
    @premanand38103 ай бұрын

    Super ji.. awesome

  • @srivasang
    @srivasang6 ай бұрын

    Can your share your insights on how an NRI can invest in Indian stocks? What brokerage apps you suggest ? what are the tax differences on capital gains for NRI and Resident Indian. Thanks

  • @Gururain
    @Gururain6 ай бұрын

    Good video, I checked the Tax calculator in G-link 1st 2 sheets are same please add the deduction sheet.

  • @luck-xi2je
    @luck-xi2je6 ай бұрын

    Sir I started HDFC LIFE classic police IN POLICY BAZZER growth will be good in that

  • @akshayarathina3594
    @akshayarathina35946 ай бұрын

    Brooooo 😭😭😭 ivlo naal enga irntheenga 😢, thanks a lot

  • @Lifestyle2023-gd6gk

    @Lifestyle2023-gd6gk

    3 ай бұрын

    Hi

  • @musictime5319
    @musictime53193 ай бұрын

    Very nice

  • @vishals4106
    @vishals41065 ай бұрын

    Hi bro UTI Nifty 500 value 50 index fund is performing better than UTI Nifty 50 index fund. Do I switch into a Nifty 500 value 50 fund?

  • @FayazAhmed-rs1fo
    @FayazAhmed-rs1fo6 ай бұрын

    I have 1 dout what is the difference between debts fund to bonds someone pls explain this

  • @ajayaj6890
    @ajayaj68904 ай бұрын

    Hi bro how can i get the above video used tax Excel to calculate my own salary slab

  • @jeevithas9330
    @jeevithas93306 ай бұрын

    Bro...namma below tax slab la vandalum equity, mutual fund, ltcg, stcg ku lam tax pay panra mathri irukuma

  • @sankarmayhul2907
    @sankarmayhul29076 ай бұрын

    PPF VS INDEX GROWTH MUTUAL FUND WHICH ONE IS GOOD FOR RETURN

  • @srinaga1975
    @srinaga19756 ай бұрын

    Very good video

  • @venkatp5158
    @venkatp51586 ай бұрын

    Bro calculation i cant find your web site plz suggest

  • @rmano9933
    @rmano99333 ай бұрын

    Useful

  • @umaranisampathkumar7619
    @umaranisampathkumar76196 ай бұрын

    Your tax vedio is good. Post one vedio how to fill tax for the systematic withdrawal plan investment for a non salaried employee.

  • @abineshzor
    @abineshzor6 ай бұрын

    Hi Brother, I also live in the Netherlands. Could you please shed some light on the dutch tax calculation along with 30% ruling?

  • @brindhad7787
    @brindhad7787Ай бұрын

    Thank you na

  • @sachinsathish7484
    @sachinsathish74845 ай бұрын

    Good

  • @annaduraip3182
    @annaduraip318216 күн бұрын

    Perfect

  • @mugilangp2148
    @mugilangp21484 күн бұрын

    Good video

  • @arunprakash9370
    @arunprakash93706 ай бұрын

    sir iam invest nifty50,next50,hdfc midcap,nippon small cap,nasdaq100 sip is good?

  • @PraveenKumar-et1uc
    @PraveenKumar-et1uc2 ай бұрын

    Bestttttttt Explanation

  • @thewelcometodark
    @thewelcometodark5 ай бұрын

    Sir in my income, employers contribution is not included. Then should I deduct it in my income in new regime,?

  • @kayathrikayou34
    @kayathrikayou345 ай бұрын

    Hi,,, please have a look in to the issue described in your class videos... Not able to access your videos... We have highlighted in your class... Please look into ASAP

  • @boobalan4051
    @boobalan40515 ай бұрын

    If TDS is deducted, should we consider it calculating tax and pay?

  • @akashsekar990
    @akashsekar9906 ай бұрын

    Bro,Endha time la SIP invest pannanum,acc to market trend pathi oru video podunga bro

  • @CA_Surajdeo
    @CA_Surajdeo6 ай бұрын

    👉Want to add few points for people who make some COMMON MISTAKES while focusing on TAX SAVING: 1. Saving taxes should be incidental, not the primary driver of your investment decisions. 2. Prioritizing tax savings can lead to suboptimal choices. So, Investments should primarily align with your financial goals like child education, wealth creation, retirement planning, Buying a Car, or House, Foreing trips (WHY NOT) etc. 3. Chasing tax breaks with short-term investments might provide momentary gains but may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.

  • @karthikeyan-sx9uj
    @karthikeyan-sx9uj3 ай бұрын

    under 80c if i invenst in elss funds for the amount of 1.5 lakhs, then can i show the entire 1.5 lakhs which is the cap for the 80c in deductions ?

  • @Prakashcenation
    @Prakashcenation5 ай бұрын

    Brother tax harvesting every year panna compounding gains lose pannuvom ah atha konjam explain pannunga ? Anyone have idea about this ?

  • @anbuanbu6591
    @anbuanbu65916 ай бұрын

    Hi brother how to invest index fund

  • @DINESHKUMAR-hf2tj
    @DINESHKUMAR-hf2tj6 ай бұрын

    Hir sir Tn State govt employee oda CPS (CONTRIBUTION PENSION SCHEME) NEW REGIME LA LESS PANNALAMA UNDER SEC 80CCD(2)

  • @user-tq7co1xj4u
    @user-tq7co1xj4u5 ай бұрын

    Bro first of all i thank for your video. Because of u i learned lot of knowledge, Terminology and tricks in share markets...can u suggest some best small cap mutual fund for short term like 3 to 5 years for lumpsum...

  • @vineshsivasubramani7919
    @vineshsivasubramani79196 ай бұрын

    Bro stock analysis made easy series ahh continue panduga or you can make a one lengthy video of stock analysis interested people watch whether it short or long

  • @amcisth
    @amcisth6 ай бұрын

    Bro IT calculator link not working

  • @crktuty08
    @crktuty085 ай бұрын

    Where can i see the details other than salary? Exp. Bank sb interst, Fd interest, ltcg, stcg and etc

  • @sukumarchandran3010
    @sukumarchandran30105 ай бұрын

    Can you share the excel sheet please or how you populate column details

  • @siva4885
    @siva48855 ай бұрын

    50% pf from basic salary not happens in corporate company also what to where we can report

  • @CyberPsychGaming
    @CyberPsychGaming6 ай бұрын

    Idhavida detailed IT calculation kaatravanuku lifetime settlement ra 💥💥 The only detailed video needed for new IT payers. Thanks a lot ❤❤ One question, is it possible to calculate at this point of time if I am eligible for tax free and invest the amount needed (in eligible deductions like ELSS funds) within March to become tax free?

  • @muralibelieve1936
    @muralibelieve19366 ай бұрын

    2024 best lumpsom investment fund ena bro?

  • @jothi2650
    @jothi26506 ай бұрын

    How long the course will be?

  • @jwssvo2366
    @jwssvo23664 ай бұрын

    sir do you do itr filing.. what is the cost

  • @sprakash9321
    @sprakash93216 ай бұрын

    Robert Kiyosaki, author of 'Rich Dad, Poor Dad ' is having 1.2 billion debt .but their fans says ,the debt is for save tax . please explain ....

  • @finance.boosan

    @finance.boosan

    6 ай бұрын

    Not only Robert Kiyosaki, but any billionaire, including Ambani, may carry substantial debt. They leverage debt for investments, benefiting from potential tax deductions and also have access to debt at negligible interest rates. However, this scenario differs for the common man who might face more challenges. Unlike billionaires, ordinary individuals may not gain much from interest deductions and could incur losses. Managing debt responsibly is crucial, considering factors like interest rates and repayment terms, to avoid financial stress. Individuals should carefully assess their financial situation and make informed decisions about taking on debt.

  • @sprakash9321

    @sprakash9321

    6 ай бұрын

    @@finance.boosan Thanks for your information 🙏🔥

  • @prabusurya2585

    @prabusurya2585

    5 күн бұрын

    Best Guide🎉

  • @poorneshp1387
    @poorneshp13876 ай бұрын

    Brooo quant active fund la invest start pannirukan ipodha next 15years ku pannalaam nu irukan bro correct a irukuma

  • @ArchanaV-sd6bz
    @ArchanaV-sd6bz3 ай бұрын

    Brother, 80G epdi tax reductions la shown panrathu, Atha konjam explain panunga, declare panrapapo panamudiyala, return epdi 80G ku vangurathu

  • @dineshkumar-rj2bv
    @dineshkumar-rj2bv6 ай бұрын

    Itc Wipro Coal lndia Tata power Sbin Long-term invest pannalama

  • @hasanmeerashahib1008
    @hasanmeerashahib10083 ай бұрын

    Thanks for Tamil explanation. I've noticed you mentioning standard deduction for salaried people, but it is applicable for all individual filers. In my understanding, difference in Exemption & deduction is- Exemption is applicable only to Salaried people (impact head Income from Salary) while Deduction is applicable for all individual filers ( impact Taxable income ). In terms of meaning both nature is same. Please correct if I'm wrong. Thanks again for understanding and sharing your knowledge.

  • @venkateshabalajibalan2706

    @venkateshabalajibalan2706

    2 ай бұрын

    It is not so.. Standard deduction is only for salaried persons.. standard deduction is not like other section 80 deductions.

  • @marimuthujayaseelan
    @marimuthujayaseelan5 ай бұрын

    Hi Boosan, Thanks for explaining clearly. Can you please make a video on how you converted your MF and shares to NRI account while being abroad and how to convert it back after settling in India. With zerodha it is offline process and with Kuvera they used to say to close all existing and start new NRI account where we will loose old Investments. Will this conversion works in same way for new OCI card holders also as they will renounce Indian citizenship? Thank you for your other explanations too.

  • @reshmamenon5730
    @reshmamenon57302 ай бұрын

    Bro...fixed and variable pay irukumpodhu which ampunt i have to take fr gross salary?

  • @arunkarthick4354
    @arunkarthick43546 ай бұрын

    Neenga Employee than ethula sollurenga bro.. Bro Person nu Tax Save panna video iruku na sollunga or Video podunga Bro..

  • @ParvishRao
    @ParvishRao29 күн бұрын

    Standard Deduction is included in the excel or it is without?

  • @aravindhsai97
    @aravindhsai976 ай бұрын

    Can u share your Excel tool

  • @anandharajanthony6639
    @anandharajanthony66395 ай бұрын

    Section 10(I) and 10(ii) பத்தி சொல்லுங்க bro..

  • @rhari007
    @rhari0076 ай бұрын

    Where is the excel to download?

  • @make_love_forever
    @make_love_forever6 ай бұрын

    Tata capital monefy app சொல்லுங்க brother

  • @user-dh4it7il9r
    @user-dh4it7il9r6 ай бұрын

    Bro please explain about Motilal Oswal nifty 500 index fund.....

  • @KadiravanM-jw4yl
    @KadiravanM-jw4yl3 ай бұрын

    My expected gross annual salary may come to 8 lakh. Should I pay the tax for the remaining amount after deducting 7lakh i.e rebate . Please give suggestions.

  • @poornip1859
    @poornip18595 ай бұрын

    Hi bro.. Can you please explain a video about sovereign gold bond which is going to be held this month with limited time period. Before that we can get a clear clarity. Thanks in advance!

  • @parij4840
    @parij48406 ай бұрын

    please tell me the 80DDB and 80DD

  • @alphahalogaming3123
    @alphahalogaming31235 ай бұрын

    India is becoming simplier

  • @supera147
    @supera1474 ай бұрын

    Hi, can anyone help I have been repaying home loan for 4 years and I have declared that in tax exemptions until now, which is now closed, so in this case can you please tell me if I can opt for HRA in the next financial year by paying rent to my mother who is also the co applicant of closed home loan

  • @yuvarajm7415
    @yuvarajm74156 ай бұрын

    ITR file panurathu epd soluga bro !!

  • @hariharan.c6404
    @hariharan.c64046 ай бұрын

    Can I claim hra to pay rent to my mom for my dad house the property is dad name now he not alive Now the property is inherited to me and my mom? Plz reply bro

  • @deepikad6064
    @deepikad60643 ай бұрын

    Bro, I have a doubt, in the new tax calculation, taxable income is 8,87,500. it is greater than 7 lakh. for this in which slab they will calculate the tax. whether they will consider 10% of taxable income as tax or the first 6lakh of taxable income is considered for 5% of tax and remaining in this case 1,87,500 of 10% of tax amount will be calculated. please explain bro.

  • @shanthie5429
    @shanthie54293 ай бұрын

    If both salaried person ,suggesting both to take term insurance?

  • @sharparun143
    @sharparun14327 күн бұрын

    What does it mean standard deduction

  • @shankarkr1603
    @shankarkr1603Ай бұрын

    Home loan detection, yentha section la pannanum

  • @kjeyaprakash2638
    @kjeyaprakash2638Ай бұрын

    In new regime calculation, taxable amount is 887500. After rebat of 700000, is 187500 taxable amount?

  • @aiswaryabk209
    @aiswaryabk2093 ай бұрын

    Home loan me and husband joint aa edthrkom. Aana land husband name la irk. So enak home loan tax benefits claim panna mudyuma?

  • @pudhayalmusic
    @pudhayalmusic5 ай бұрын

    Zerodha coin vs kitne defferent sollunga yendha app la long time sip pannala

  • @divyabons9797
    @divyabons97974 ай бұрын

    Bro Navi Nastaq 100 FOF la monthly SIP pannalama long term ku solluga bro

  • @anbazsn1007
    @anbazsn10076 ай бұрын

    9.3L which is better

  • @plainspeaking8885
    @plainspeaking88855 ай бұрын

    is the excel sheet is available ? can you share it?

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